Something that I thought early in my trading journey, was that I’d always be “in a trade”.
It felt like if I wasn’t in a trade, I was doing something wrong, or I wasn’t looking hard enough for entries.
I wrongfully believed this, and got tired of the stagnation. I recall placing market executions, and forcing trades that were half-baked, at best. Incase you can’t guess what happened next – I severely damaged my (luckily demo) account. It made me then feel like I had no business trading Forex.
When I started the private coaching with Marc, we dug into what it was exactly that I needed help with to find success. We found that I was guilty of over trading, and I was taking on too many losing trades. It wasn’t so much that I couldn’t find winners, no. It was more so that my wins would be heavily outweighed by losses, keeping my growth to a minimum.
The solution? Only take A grade, valid setups.
Learn to Sit on Your Hands
One of the hardest things for a beginner to grasp, is that trading takes patience. Unfortunately, It’s a lesson best learned, not told. So although I’m telling you this, it might not be something you fully grasp for a little time.
Let me tell you what I’m talking about.
You might look at a chart or setup, and see – a valid entry! But, it’s so far away… Well, you don’t see anything else for the week, and people in the forum are posting trade ideas, so you thing that means you’re either looking at it wrong, or not looking hard enough. So what do you do?
You ever hear people say something like, “If you go looking for trouble, you’ll find it.”? Well, the same goes for placing a trade. Only problem is, you don’t realize it’s trouble until it’s too late. It’s easy to chase the rabbit, but it’s much harder – and takes patience – to wait for it to come eat out of your hand.
A weird thing about being profitable with trading, is that we only have to win about 30% of the trades we take. This comes down to how we’re taught to manage risk. We can have 4 losses, and since our risk was managed, one win could clean up the whole mess, while locking in gains on our accounts. This isn’t something to go and test, though…
I remember learning this and wrongfully thinking, “I bet I could get at least 3/10 trades right, I got this”. So, I placed way too many orders, thinking that the minority winners would sweep up from the other losers. I thought of placing trades like fishing poles; cast as many as you can, something oughta bite.
Only issue was, I kept snagging my lines because I was casting in stupid areas. And those snags added up, more than the few floppers I managed to get in the bucket. In other words, my losses outweighed my gains, which I thought was acceptable…? But the difference was, each time I’d compound a loss, it would chip away at my gains. I would tip the bucket over, releasing all of my fish, back into the pond.
What do I do?
The key takeaway here is that patience is paramount. Learning to sit on your hands and wait for the perfect setups is a crucial skill that separates consistent winners from those who chase every trade.
If you’re on the right path, it’s simply just a matter of time until you see this clearly.
None of the Forex Mentor Pro team nor its owners (expressly including but not limited to Marc Walton), officers, directors, employees, subsidiaries, affiliates, licensors, service providers, content providers and agents (all collectively hereinafter referred to as “Forex Mentor Pro ”) are financial advisers and nothing contained herein is intended to be or to be construed as financial advice
Forex Mentor Pro is not an investment advisory service, is not an investment adviser, and does not provide personalized financial advice or act as a financial advisor.
Forex Mentor Pro exists for educational purposes only, and the materials and information contained herein are for general informational purposes only. None of the information provided in the website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, recommendation or sponsorship of any company, security, or fund. The information on the website should not be relied upon for purposes of transacting securities or other investments.
You hereby understand and agree that Forex Mentor Pro, does not offer or provide tax, legal or investment advice and that you are responsible for consulting tax, legal, or financial professionals before acting on any information provided herein. “This report is not intended as a promotion of any particular products or investments and neither Forex Mentor Pro group nor any of its officers, directors, employees or representatives, in any way recommends or endorses any company, product, investment or opportunity which may be discussed herein.
The education and information presented herein is intended for a general audience and does not purport to be, nor should it be construed as, specific advice tailored to any individual. You are encouraged to discuss any opportunities with your attorney, accountant, financial professional or other advisor.
Your use of the information contained herein is at your own risk. The content is provided ‘as is’ and without warranties of any kind, either expressed or implied. Forex Mentor Pro disclaims all warranties, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Forex Mentor Pro does not promise or guarantee any income or particular result from your use of the information contained herein. Forex Mentor Pro.com assumes no liability or responsibility for errors or omissions in the information contained herein.
Under no circumstances will Forex Mentor Pro be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content contained herein. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Marc Walton, owner of Forex Mentor Pro, communicates content and editorials on this site. Statements regarding his, or other contributors’ “commitment” to share their personal investing strategies should not be construed or interpreted to require the disclosure of investments and strategies that are personal in nature, part of their estate or tax planning or immaterial to the scope and nature of the Forex Mentor Pro philosophy.
All reasonable care has been taken that information published on Forex Mentor Pro website is correct at the time of publishing. However, Forex Mentor Pro does not guarantee the accuracy of the information published on its website nor can it be held responsible for any errors or omissions.
